Canada based company BitAccess, who manufactures BTMs (Bitcoin Teller Machines), announced that it will be presenting in front of the Canadian Senate’s Standing Committee on Banking, Trade, and Commerce today. Haseeb Awan, the co-founder of BitAccess is aiming to demonstrate the BTM’s abilities and will help Sentaor Irving Gerstein purchase Bitcoin from the machine. Awan will be talking about the benefits of BTMs and Bitcoin.
The Canadian Senate’s Standing Committee on Banking, Trade, and Commerce has begun its 18-month course on the use of digital currencies. In specific, the Canadian Senate is trying to understand risks, advantages, and threats of digital currencies. Overall, they are trying to figure out the world of virtual currencies in order to know what to do with them legally.
BitAccess to Teach the Canadian Senate
The demonstration made by BitAccess will be done in hopes of educating the Senate committee on Bitcoin’s benefits and easy access. This will be BitAccess’ first global showcase of their 3rd generation Bitcoin Teller Machine. This machine allows users to buy and sell Bitcoin. Co-founder Awan said,
“[The Bitcoin] industry will flourish with regulations in place, however everyone involved in the process need to understand the protocol and implementations in detail before [regulating it].”
This will be a significant occasion because it will mark the first time that elected officials will purchase Bitcoin in public.
What is BitAccess?
BitAccess is a startup based in Ottawa that manufactures Bitcoin ATMs. The BitAccess ATMs allow the machines to convert fiat currencies into digital currencies, and allows digital currencies to be converted into fiat currencies. The third generation BTM, which is the latest version, employs ID verification in order to limit illegal activity.
BitAccess BTMs are not restricted to Canada. In fact, recently, the BTM manufacturer tweeted a picture of a machine that will be employed to Dubai after it gets cleared from the officials. This means that people in different parts of the world will be able to easily convert their digital currencies to fiat, and from fiat to digital.
In a similar news, U.S congressman Jared Polis invited Robocoin to the Capitol Hill to demonstrate their ATM to the senate committee. Congressman Polis made his first purchase during the event at the Capitol Hill.
Images via Bitaccess.co